Korean Job Discussion Forums

[abedefduf]

about how much is it realistic to expect to bring back in savings after a year teaching english? im not a big spender. would 16-18K be realistic?

[teachergirltoo]

Yes. That is doable.

[Chet Wautlands]

It's possible, but you will have to make an effort. It won't happen out of luck. If you stick to a budget you'll be alright.

[Jeff's Cigarettes]

A lot will depend on the exchange rate which, of course, is beyond your control.

[Draz]

[fighton]

[Poemer]

Before the won dropped 30% against the dollar? Yes, if you kept a casual eye on your spending.

Now you would have to live like a monk to save that much on the average salary being offered. It's doable, but no nice restaurants, beer, etc.

The exchange rate is a killer right now.

[Otherside]

At last year's exchange rate I'd have said it was possible, but would require a little bit of work. Based on the current exchange rate, I'd say it will impossible to pull off. assuming you are earning a newbie's salary with no additional income.

Brief summary:
Average starter salary: 2,200,000.
So over one year, that's 26,400,000. Add Severence and Pension and you are on 30Mill. With taxes, medical, apartment fees etc, you'll probably have deductions of close to 2mill over the year. That's before you've spent a dime on anything (even utilities), so lets call the final figure 28mill.

At the current exchange rate (1400), you'd need to save 25,200,000. That leaves you 2.8mill to spend over the year. Living on under 300K a month doesn't seem possible for me.

On the other hand, living on 600K is possible (however unpleasant,) and living on 800K-1mill is pretty easy and enjoyable. So, if you did manage to get some extra income (overtime at work for example) to earn an extra 200K, and the exchange rate swings a bit in your favour, then it is possible.

PS. A year ago, the exchange rate was in a band of around 900-1050. Effectivly, you now need to save about 50% more in won, to come out with the same amount of USD.

[Xuanzang]

Doable but you wont have an enjoyable time eating ramyeon and tuna. The exchange rate will also factor in.

[runthegauntlet]

I first started in Sept. of 2007 when the exchange was 930. Throughout the year it went up and was at 1130 on the day I left.

I managed to send home just over 17k in that time but was still rather sick to my stomach by the fact that in my last month alone I lost about $600 on my last month's pay and severance.

During that time I went to a bar about 5 times and only ate out one or two times a week, with a pizza often thrown in as well. I took a few weekend trips and a trip to Jeju, China, and Japan. Besides that, not a whole lot going on. Lots of curry, eggs, bibimbap, and grilled cheese sandwiches. Got a big old.

This year, despite making 300k a month more, I'm only shooting to save 10-12K. My debts are paid off and I don't want to live like a monk any longer. With the exchange rate the way it is I'm going to enjoy the money a bit more here since it buys so much less at home than it did before.

[Ukon]

I have a rather large student loan, but I wonder if everyone who says they wanna save a ridiculous amount of money is either a shut-in hermit or has to pay off a loanshark.

[Tobias]